Downsizers pay a whopping $740k above reserve for a Kirribilli unit with Sydney Harbour views
It has been another hot auction weekend across Sydney with reserves tumbling as buyer confidence continues to pick up pace.
Today’s hottest auction was in Kirribilli, where a huge crowd of 80 people were left speechless after a three-bedroom apartment sold for $740,000 above reserve.
The $3.99 million sale price came off the back of seven bidders registering to take part.
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The vendors will also be ecstatic, with the sale price a whopping 470 per cent higher than the $700,000 they paid for the unit in 2004, according to CoreLogic.
Ray White NSW CEO and auctioneer Jason Andrew welcomed the start of the auction with an opening bid of $3 million.
Five of the seven registered bidders participated on the day with bids quickly surpassing the $3.25 million reserve. After the fortieth and final bid was placed, the crowd were in shock on what they had just witnessed.
The buyers are a downsizer couple who have lived locally on the lower north shore for the past 45 years.
Ray White Lower North Shore director David Gillan said it was a very popular property with nearly 200 inspections over the campaign.
“There’s such high demand any time an apartment in Kirribilli comes up for sale … but because everyone wants to live here there is always little stock,” he said.
The new owners will no doubt look to upgrade the unit, with the apartment still having the original 1971 bathroom and kitchen.
The Elamang Ave property occupies 153sqm and comes with a coveted car park space. It is located inside a block of 18 apartments.
Elsewhere in Sydney, Cherrybrook saw its best auction result of 2019, with a grand four-bedroom home selling for $2.336 million and $148,000 above reserve.
The auction saw 18 register to have a crack at the Rothbury Pl property, however a whopping $1.9 million opening bid from a buyer reduced competition to only five active bidders.
Listed with The Avenue’s Reuben Kee, the 758sqm property is the first $2 million plus recorded in Cherrybrook in more than a year.
In Gymea Bay, a two-bedroom house being offered for the first time in 75 years was snapped up by buyers from Chatswood who only inspected the property for the first time on Friday.
LJ Hooker — Gymea agent James Mitchell said the original unlivable house sold for $107,000 above reserve at $1.307 million.
That auction had 16 registered bidders — five more than what Mr Mitchell was expecting. No. 93 Coonong Rd will be knocked down by the new owners who plan to build their dream home on 695sqm block.
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